Utilitarian and deontological approach to bank bailouts

The full pdf can be viewed by clicking here. Ethics Theories- Utilitarianism Vs. Deontological Ethics There are two major ethics theories that attempt to specify and justify moral rules and principles:

Utilitarian and deontological approach to bank bailouts

Utilitarian and deontological approach to bank bailouts

This article has been cited by other articles in PMC. Two strands of thought exist in ethics regarding decision-making: In brief, deontology is patient-centered, whereas utilitarianism is society-centered.

Although these approaches contradict each other, each of them has their own substantiating advantages and disadvantages in medical practice. Over years, a trend has been observed from deontological practice to utilitarian approach leading to frustration and discontentment.

Health care system and practitioners need to balance both these ethical arms to bring congruity in medical practice. Deontology, ethics, utilitarianism Ethics is a crucial branch in medicine guiding good medical practice.

They are based on four fundamental principles, i. Much of the modern medical ethics deals with the moral dilemmas arising in the context of patient's autonomy and the fundamental principles of informed consent and confidentiality.

Ethical practice is a systematic approach toward the institution of these principles to approach an appropriate decision-making.

Ethics Bank Bailout | Free Essays - monstermanfilm.com

While these definitions are clear to express, exceptions arise in each of these principles during clinical practice. For example, when a doctor owes a duty to both patient and society, situations of breech in confidentiality may arise.

Similarly, the practice of fundamental principles of autonomy and informed consent may be breeched in the care of newborn, mentally handicapped or patients in the permanent vegetative state.

Oct 21,  · On the other hand, deontology is "an approach to ethics that judges the morality of an action based on the action's adherence to a rule or rules," as Wikipedia puts it. This is in marked contrast to utilitarianism, as deontology rejects the importance of outcome and places emphasis on motive. Jan 05,  · The deontological ideologists (doctors and other medical staffs) are usually driven to utilitarian approach by public health professionals, hospital managers, and politicians (utilitarian . Deontological ethics is an ethics system that judges whether an action is right or wrong based on a moral code. Consequences of those actions are not taken into consideration. This ethics system is intended to be precise and by the book.

In practical ethics, two arms of thoughts exist in decision-making: In the utilitarian approach, decisions are chose based on the greatest amount of benefit obtained for the greatest number of individuals. This is also known as the consequentialist approach since the outcomes determine the morality of the intervention.

This approach could lead to harm to some individuals while the net outcome is maximum benefit. This approach is usually guided by the calculated benefits or harms for an action or intervention based on evidence.

A few examples of utilitarian approach in medical care include setting a target by hospitals for resuscitation of premature newborns gestational age or treatment of burns patients degree of injury based on the availability of time and resources. There are two variants of utilitarianism: Act utilitarianism and rule utilitarianism.

Act utilitarianism deals with decisions undertaken for each individual case analyzing the benefits and harms promoting overall better consequences. This method would lead to enormous wastage of time and energy in decision-making and are prone to bias.

In rule utilitarianism, no prediction or calculation of benefits or harms is performed. These decisions are guided by preformed rules based on evidence and hence provide better guidance than act utilitarianism in decision-making. These ethical issues can be accommodated when dealing with patients who are competent to play a role in decision-making, while posing moral dilemmas in patients who are incompetent, e.

In the above scenario, dilemmas can be dealt ethically and legally if the patients had made advance decision directives about their life similar to decisions on wealth. This concept was introduced by a philosopher, Immanuel Kant and hence widely referred as Kantian deontology.

The decisions of deontology may be appropriate for an individual but does not necessarily produce a good outcome for the society. The doctor-patient interaction or relationship is by nature, deontological since medical teaching practices inculcate this tradition, and when this deontological practice is breached, the context of medical negligence arises.

This tradition drives clinicians to do good to patients, strengthening the doctor-patient bond.

Utilitarian and deontological approach to bank bailouts

The deontological ideologists doctors and other medical staffs are usually driven to utilitarian approach by public health professionals, hospital managers, and politicians utilitarian ideologists. From a utilitarian perspective, health care system resources, energy, money, and time are finite and are to be appropriately accommodated to achieve the best heath care for the society.

These are executed with furnished rules and guidelines. While achieving good for the greatest number, few harm iatrogenic is acceptable by utilitarian ideologists. For example, few cases of vaccine-induced paralytic polio after oral polio vaccination. From a deontological perspective, utilitarians generalize the guidelines or rules while there may be exceptional cases where the guideline may not apply.

Deviation of action from the guidelines contributes to medical negligence to utilitarians.

Utilitarian and deontological ethics in medicine

Such conflicts in approach are commonly encountered in the current health care systems. Similarly, the involvement of third party payment systems health insurance affects the confidentiality between the doctor-patient relationship.bailouts cannot be ethically justified on utilitarian grounds because the result is a negative-sum game.

Possible avenues for future research are also identified and discussed briefly. Unlike religious deontological theories, the rules (or maxims) in Kant’s deontological theory derive from human reason.

To better understand deontology, compare it to some opposing theories, such as utilitarianism, which says we have an obligation to take the course of action that achieves the most positive outcome or consequence.

Through the ages, there have emerged multiple common moral theories and traditions. We will cover each one briefly below with explanations and how they differ from other moral theories. Consequentialist theories, unlike virtue and deontological theories, hold that only the consequences, or outcomes.

In contrast, rewards came even at banks where poor results foretold the economic crisis that sent them to Washington for a government rescue (Despite Bailout, Bank Chiefs Received Bonuses, ). In such a situation, American banks should take into consideration the position and interests of the majority.

2 THE BAILOUT OF BIG THREE Applying Utilitarianism: The Bailout of General Motors and the Big Three In November , three major Detroit manufacturers, jointly known as the Big Three asked congress for $50 billion to avoid bankruptcy and the loss of three million jobs.

Congress initially denied the request. Later that December of , the . Utilitarian ethics is a view The deontological view The virtue-based approach that assesses the moral assesses actions based on the focuses on the development Ethics and The Uninsured.

About Utilitarian, Deontological and Virtue-based Approaches